UK’s FTSE 100 opened marginally lower on Thursday, as markets struggled for direction after top central bankers signalled more policy tightening, while shares of Serco Group jumped after the British outsourcing firm raised its annual earnings outlook.

By 0711 GMT, the blue-chip FTSE 100 inched down 0.1%, while the more domestically-focussed FTSE 250 midcap index fell 0.1%.

World’s top central banks’ chiefs reaffirmed on Wednesday that further interest rate hikes will likely be needed to tame stubbornly high inflation.

UK’s FTSE 100 opens flat as banking losses counter energy boost

UK banks were among early gainers, rising 0.4% after Citigroup raised its price targets on several banks including HSBC and Barclays.

Serco Group jumped 6.2% after the company raised its full-year profit and revenue outlook.

Burberry Group lost 3.5%, as shares of the luxury brand traded ex-dividend. The broader personal goods sector was down 2.6%.

Separately, Mattel has asked the U.S. Trademark Office to reject Burberry proposed “BRBY” trademark, arguing it is likely to sow confusion with Mattel’s famous Barbie brand.